EasyJet sets ambitious new £1 billion growth targets after record summer

The low-cost carrier reported group revenue for the summer quarter had increased to £3.1 billion on Thursday (12 October) – up 24% on last year – while its earnings before interest and tax had grown to £665 million.

EasyJet is also poised to achieve a half-year profit before tax of between £850 million and £870 million, it said.

This, the company said, has been prompted by passenger numbers increasing by 9% to 28.6 million, as well as a 9% surge in ticket yield – the profit generated on each and every ticket.

To capitalise on this growth, easyJet has launched a new set of medium-term financial targets, which include reducing its winter losses and growing easyJet holidays to deliver more than £250 million profit before tax.

EasyJet said this would help it achieve a group profit before tax (PBT) per seat of between £7 and £10. 

Johan Lundgren, easyJet chief executive, said: “Today we have set out an ambitious roadmap to serve more customers and deliver attractive shareholder returns, underpinned by a continued focus on costs and operational excellence.

“Our new medium-term targets provide the building blocks to deliver a PBT greater than £1 billion.”